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March 20, 2013

Investors Seek to Split J.P. Morgan Top Posts

Some investors are calling for J.P. Morgan Chase & Co. to split the chairman and chief executive posts held since 2006 by James Dimon, citing concerns over a trading fiasco that saddled the company with more than $6 billion in losses.

A big public employee union, the American Federation of State, County and Municipal Employees, and pension funds in Connecticut and New York are backing the nonbinding resolution asking the largest U.S. bank by assets to name an independent chairman for its board. The proposal, which Afscme announced on Wednesday, would come up for a vote at J.P. Morgan’s annual meeting this spring.

Afscme filed the resolution with J.P. Morgan late in 2012, and the bank hasn’t asked the Securities and Exchange Commission to throw it out, an Afscme official said. Afscme intends to lobby the bank’s largest shareholders for votes in favor of the split, the official said.”


Read full Wall Street Journal article here

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